Because we’re committed to meeting our clients’ needs, we’re always reviewing our insurance products to offer tailored solutions. These changes will take effect on May 12 for some of our SOLO products.
New 180-day waiting period
In recent years, changes were made to the Employment Insurance program, such as extending the benefit period from 15 to 26 weeks. To ensure our services adapted to this new reality, we’re making further tweaks by offering a new 180-day waiting period for
SOLO Disability income.
Increased maximum benefit amounts
Based on occupation class
We reassessed the maximum benefit amount per occupational class for
SOLO Loan insurance and
SOLO Disability income. Your clients will get increased benefits, which will give them better financial security.
| | SOLO Disability income | SOLO Loan insurance |
|---|
| Occupation class | Before | Starting May 12 | Before | Starting May 12 |
|---|
| 4A | $10,000 | $15,000 | $5,000 | $10,000 |
| 3A | $9,000 | $14,000 | $5,000 | $10,000 |
| 2A | $7,000 | $10,000 | $5,000 | $9,000 |
| A | $6,000 | $8,000 | $5,000 | $8,000 |
| B | $3,500 | $7,000 | $3,500 | $7,000 |
Based on income
We also increased the maximum non-taxable benefits by income (approximately 6% to 10%), according to the income for
SOLO Disability income. Here are some examples:
| Income | Before | Starting May 12 | Increase |
|---|
| $50,000 | $2,825 | $3,025 | 7% |
| $75,000 | $3,875 | $4,225 | 9% |
| $100,000 | $4,850 | $5,225 | 8% |
| $125,000 | $5,650 | 6,175 | 9% |
| $150,000 | $6,600 | $7,025 | 6% |
The Illustration tool will be updated to reflect these improvements soon.
We also made a change to the SOLO Disability income
Cost of living rider. This additional coverage continues to be indexed at 5% each year, but the amount is now capped at $35,000 per month.
Did you know?
Our disability products provide
free assistance services, including the option for your clients to get a second medical opinion if they’re unsure about a diagnosis.
The unexpected can happen to anyone. You can help your clients by offering them SOLO Disability income and SOLO Loan insurance so they can protect their income and make sure they can meet their financial obligations.
Questions?
Contact our Business Development Team – Insurance.
